Monday, June 27, 2011

At this time of year, with many people recently graduating from college, we are often asked, "How long do I need to have a job to get a mortgage?"

If you have just graduated from college, and your new job is related to the degree you earned, then all you need is one pay check to get a mortgage. The time you spent in school counts towards the standard 2-year employment history requirement.

If you have specific questions regarding employment length, don't assume you can or cannot get a loan. Instead, call us, The Mortgage Experts, and we'll be more than happy to answer any questions you might have.

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Wednesday, June 22, 2011

I ran my first marathon in 1980. I ran 3 last year. I ran a number of them in between 1980 and last year. I have NEVER run fast enough to qualify for the Boston Marathon.

On the other hand, Debbie, my amazing wife and business partner, ran her first marathon in San Diego this month and DID qualify for the Boston Marathon. There were 32,000 people in the races (full marathon and half marathon) and she came in 15th in her age group for the full marathon!

Good thing I like fast women, because I'm certainly married to one!

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Fannie Mae is trying to sell houses again, and they're making it easier for buyers and for real estate agents.

If you submit an offer for a Fannie Mae HomePath property and close by October 31, 2011, Fannie Mae will pay up to 3.5% of the purchase price towards the Buyer's closing costs, which should be enough to cover them all.

They will also pay the selling real estate agent a $1200 bonus.

HomePath properties are pretty good deals. Here's why:

• No appraisal is necessary
• There is only a 3% down payment
• There is no mortgage insurance

Thursday, June 2, 2011

Fannie Mae has just tightened their underwriting guidelines regarding the use of retirement accounts as reserves.

Borrowers are sometimes required to have reserves to get approved for a loan. Reserves are funds that the borrower has left over after paying for the down payment and closing costs. 60% of the vested amount in a retirement account can be used as reserves. That is not a change from the former guidelines.

However, the new guidelines state that if the borrower is only allowed to withdraw money from the retirement account because of employment termination, retirement, or death, then none of the money in the retirement account can be counted as reserves.

This is important to know because the underwriting software used to issue pre-approvals does NOT determine whether the money in a retirement account can be counted as reserves. If the lender pre-approving your client doesn't check to see if the reserves can be counted before using the software, the pre-approval may be invalid.

One more reason to use a great lender like us!

Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Low Interest Rates, Low Closing Costs, and our loans close!

2011-2015 FIVE STAR Mortgage Professional Award Winners

Here's What People Are Saying About Us

"I always turn to Chris and Debbie to secure mortgage financing for my buyers because I rely on their unending commitment to customer service and their vast knowledge when it comes to mortgages. I recommend them to anyone - without even a moment's hesitation - they are simply amazing."

"Every transaction that Debbie and Chris have been involved with has closed on time with no issues. It’s no wonder 5280 Magazine has designated them an award winner. The buyers have been pleased with their professionalism and their willingness to go the extra mile. They are patient and willing to work with potential buyers who have credit issues. A pleasure to work with."

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